April 14, 2024 3:09 pm
The UAE stock market sees green as liquidity hits 1.47 billion dirhams.

On Tuesday, the UAE stock market experienced continued gains, thanks to the contributions of leading real estate companies in Dubai and major banks in Abu Dhabi. While most other leading stocks remained stable, some companies saw partial profits. In Dubai, the market index rose by 0.14% to 4269.4 points, while the Abu Dhabi market index went up by 0.08% to 9252.61 points. Foreign (non-Arab) investors contributed a net investment of 126 million dirhams, with 94.7 million dirhams in Dubai and 31.1 million dirhams in Abu Dhabi.

In Dubai, shares of “Emaar Properties” and “Emaar Development” continued to rise, while “Union Properties” experienced a slight decline. In Abu Dhabi, bank shares like “First Abu Dhabi” and “Abu Dhabi Commercial” supported the market index. Liquidity in the markets totaled 1.47 billion dirhams, with 988 million dirhams in Abu Dhabi and 483.7 million dirhams in Dubai. Trading saw 526 million shares exchanged, with 281.3 million shares in Dubai and 244.7 million shares in Abu Dhabi.

The financial sector was a major driver of growth in the Abu Dhabi market index, with increases seen across all sub-sectors except for industry and energy stocks which declined slightly on Tuesday morning.. Notable rises included “Investcorp” shares while “Multiplay” declined slightly among communication sector stocks while Etisalat E& and Yahsat recorded positive growth rates respectively . Real estate sector also witnessed mixed movements as Emaar Properties’ stocks rose while Union Properties’ declined slightly while Empower and Tabreed both experienced decreases within utilities sector companies whereas Deyaar stock remained stable within real estate sector . On a different note , energy sector companies such as “Dana Gas”,“ADNOC Distribution” recorded declines on Tuesday evening .

In terms of trades by nationalities observed similar trends between Gulf and foreign investors leaning towards buying decisions whereas Arab investors tended towards liquidation both on Tuesday afternoon onwards . Similarly , Dubai saw increased stability with rises seen across all sectors apart from utilities that declined sharply followed by industrial stocks which recorded slight fluctuations . The biggest contributor to liquidity was transactions involving International Holding Company (IHC) along with Alpha Dhabi Bank both based out of UAE

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